Back to main

America bans Chinese Cryptocurrency firm MineOne

Table of Contents

America bans Chinese Cryptocurrency firm MineOne 2

The Biden Administration ordered the shutdown of Chinese crypto investors backed crypto company MineOne. 

Since Q1 2023, the US financial regulators have been highly strict against crypto companies operating services in the US jurisdiction. In particular, the United States Securities and Exchange Commission (SEC) initiated legal battles against many high-profile crypto players, including Ripple, Coinbase, Kraken, and Robinhood. 

Recently popular crypto news media CoinDesk reported that US President Joe Biden ordered a cryptocurrency mining company MineOne, run by Chinese investors, to close its operation, citing national security risks.

This crypto mining firm is located near Warren Air Force Base in Wyoming and is backed by the majority of Chinese investors.

The United States has blocked Chinese-affiliated cryptocurrency miners near a nuclear base, citing them as a 'national security risk'. President Biden ordered the shutdown of the MineOne operation near Warren Air Force Base, highlighting Chinese ownership, foreign technology, and…

— Da Crypto News (@DaCryptoNews) May 14, 2024

As per the released statement by the White House, the targeted crypto mining company set up its shop within one mile of a US nuclear missile base without the necessary permission.

Allegedly the company uses foreign technology, which is a very big concern over national security. The White House said the mining company got the land in 2022 without approval from the Committee on Foreign Investment in the United States. An investigation is happening because of these concerns.

US crypto political move 

As we know, nowadays US politicians are using every topic, including Crypto, for their political agendas against each other.

It will be interesting to see who will object to the US government’s crypto mining firm ban decision because, over the past couple of months, two US presidential candidates showed full support for Bitcoin & Crypto adoption. 

Just a day ago, the former US President Donald Trump said that if people want crypto adoption then they should vote for Trump in the upcoming election.
Former US President Says “If You’re In Favour Of #Crypto You’re Gonna Vote For #Trump”

— Bitcoinik (@Bitcoinikdotcom) May 12, 2024

Read also: Giant payment gateway CoinGate adds support for Solana (Sol) crypto 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on Bitcoinik Investment Disclaimer